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​​The Situation
​
​​​The market participants never gave attention to that divergence that ​started from May 8 2015 between Risk Taking behavior (weakening) and ​the ​Mighty ​SP500 Index that was holding in a rising wedge pattern til it ​broke finally on the downside on August 20.​​​​​​​​​( See chart below - Bottom Panel - Red Trendline ).

​​The divergence is even more obvious on a weekly chart. And we broke ​on the July 20 week, the support trendline that started back since​June 2012. ​​​​​​​​​​( See second chart below - Top Panel - Blue Trendline ).

The level of risk taking now according to that ratio is at the zone ​reached ​at the beginning of May 2013 when we had that strong rebound. ​​​​( See chart below - Top Panel Amber Trend Line - Ellipses ).​​​​Also interesting to note​​ the Fear and Greed Index from CNN Money is coming from Greed and as of January 6 is now at the Fear Level.

But the most interesting technical pattern here is that we continue to have a Lower Risk Pattern Behavior on a Weekly Chart as the Mighty SP500 Index are still above the August 2015 correction level; what a divergence! ​( See second chart below - Top and Bottom Panel - Channels ).​​High/Low Beta ETFs ratio on a short term basis broke the daily support trendline form a downward channel ​​​​​that started since August 7 2018; capitulation phase it is indeed...​ ( See chart below - Top Panel - Channel ).